MARINE INSURANCE

This policy covers maritime risks. The two major divisions of this cover are Marine Cargo and Marine Hull.

Marine Cargo

Covers shipment of goods or consignments across international waters/boundaries from the port of origin or warehouse to the destination port or warehouse against loss or damage to the goods being transported. Cover could be arranged on Allrisk basis (ICC ‘A’) or restricted/Specified Perils basis (ICC ‘B’ or ‘C’)

Marine Hull

Covers Ship, Boats or Vessels and their Machineries and provides indemnity against loss or damage to the vessels against maritime risk. Such cover can be either on Voyage or Operational basis. The former covers accidental damage to the vessel while in transit (usually from the point of purchase to where it will be put into use); whilst the latter covers accidental damage to the vessel while in use.

Yacht/Speed Boat Insurance

This is designed to provide cover against loss or damage to the policyholder’s boat/yacht or pleasure craft caused by Accidental damage; Fire, lightning or explosion; Theft or attempted theft following a forcible entry; Malicious damage including liabilities connected with the use and operation of the boat/craft.